- Spleet, a property tech startup that raised $2.6 million in 2022 from investors like MaC ventures and HoaQ Fund, will lay off an undisclosed number of employees
- Africa’s mobility startups are lining up to expand their offerings to include more electric vehicle offerings, financing options and overseas markets - and there seems to be no problem getting the funding to do it.
- In today’s edition: Binance executives arrested in Nigeria || Canal+ to make offer for MultiChoice || Maliyo Games launches Disney’s first African game || Bolt launches in Botswana
- The Binance executives flew to Nigeria last week following the ban on their website and were arrested by the office of the National Security Adviser (NSA), said the Financial Times.
- Fundus AI, an AI-powered solution for diagnosing diabetic retinopathy co-founded by Abdulmalik Adeyemo, and XchangeBox, a fintech startup supporting rural SMEs with loans and digital records—co-founded by Abiola Jimoh, emerged as the winners of Gitex Africa 2024 Road Show, Abuja.
- A handful of crypto companies in Nigeria will no longer allow users to buy the USDT and USDC stablecoins with Naira after renewed scrutiny from the Central Bank of Nigeria (CBN).
- Bolt will not charge its typical commission from drivers for six months as part of its rollout and the company said 100 drivers have been onboarded so far.
- In today’s edition: Kenya gets thumbs up for digital ID project || Nigeria raises its interest rates || SA nabs first spam caller || Bitcoin reaches $57,000. Here’s why
- Nigeria's Central Bank has entered an aggressive regulatory environment, threatening to deal with players who don’t follow the rules, per answers from Olayemi Cardoso, the bank’s governor, in today’s monetary committee meeting.
- "What we're hoping to accomplish by this is to bring some sanity to an industry that arguably no longer serves the interests of those whom it was meant to protect,” CBN governor Olayemi Cardoso said.
- Nigeria’s Central Bank has raised the benchmark lending rate by 400 basis points to 22.75%, from 18.75%, in the most aggressive push to contain inflationary pressure.
- In today’s edition: UMG acquires majority stake in Mavin records || Paramount+ partners with Showmax || Pontashego’s $25,000 debt || OJireh Prime becomes Pryme
- Starting tomorrow, February 27th, 2024, you can print your JAMB mock examination slip if you opted for the exam. To print yours, carefully follow the steps here:
- "Both can coexist. While we solve infrastructure challenges, we can build our capacity in AI,” Victor Famubode, an AI policy researcher told TechCabal. “It is not one or the other.”
- Following policy changes targeting Bureau de Change operators last week, currency traders are staying away from street trading.
techcabal.com/2024/02/26/bureau-de-change-are-in-hiding-after-efcc-raid/
- “It has been excuse after excuse from the cofounders, and it's painful because that was a lot of money,” said one customer who paid P7,000 (~$505) for a gaming console in January 2023.
- In today’s edition: Uber eyes Moove with $100 million || Nigeria limits cash use for FX payments || Nigeria compenates customers of shuttered MFBs || FATF greylists Kenya again || Cell C is set to pay its $15 million debt
- Influence and consumption have now become indistinguishable from each other, and trending dishes online have found their way to restaurant menus in real life.
- The Nigerian Deposit Insurance Corporation has compensated some customers of the 132 MFBs whose licences were revoked by the CBN in 2023. Customers of the affected banks, including Eyowo and Purple, will receive a maximum payment of ₦200,000 upon proof that they held deposits.
- Blooket offers a dynamic platform for you to engage in interactive gaming and learning experiences. See latest steps to easily navigate Blooket in 2024:
- In today’s edition: Nigeria goes after crypto exchanges || How are Nigerian startups navigating cloud costs? || SA goes after spam callers || Funding tracker
- One Nigerian HR-tech startup that runs different servers for its client pays up to $80,000 in cloud costs monthly, according to a person familiar with the company’s operations.
- In today’s edition: How much did Capital Stone sell its iFitness stake for? || Binance limits USDT/NGN trading || South’s Africa’s new EV incentives || South Africa is taxing light bulbs || d.light raises $7.4 million
- Trade in your gavel for a keyboard! ⌨
In this #EnteringTech edition, Okechukwu Eke, the general counsel at Moniepoint, & Awuese Iorchor, an associate at Hamu Legal, explore how you can land your dream role in the booming world of tech law.
- Dom Okiemute and Ini Udoh had a simple mission: streamline card issuance for Nigerian fintechs. But the path is riddled with challenges. While their YC-backed startup, Miden, boasts speedy virtual card solutions, the industry grapples with fraud - exemplified by the $1.2 billion attempted heist…
- Binance, the world's largest crypto exchange, has placed limits on peer-to-peer transactions trading the USDT/NGN pair as the naira fell to record lows on Tuesday afternoon.
- Soaring inflation and currency fluctuations have disrupted some of Africa's strongest currencies, including the Nigerian Naira and Kenyan Shilling- both now undervalued on the global market.
- Ocular AI, a Zimbabwean AI startup that lets teams within organizations search, visualize, and automate workflows on a single platform, has been selected for Y Combinator’s winter 2024 batch. Ocular AI is the third African startup in this year’s winter batch after Cleva, the cross-border payment…
- Cardinal Stone Capital, a Nigerian private equity firm, has sold its stake in i-Fitness, Nigeria's most prominent fitness and gym chain, to Verod Capital Management, a Nigerian private equity firm.
- In today’s edition: Kenyan Bolt drivers demand fair compensation || Fairmoney in talks to acquire Umba || Neuralink makes a breakthrough || Lockbit has been locked up
- Cardoso, who previously dismissed the impact of monetary policy meetings is under pressure to deliver stability. This week, an aide of President Tinubu urged Cardoso to consider the “political implications” of the CBN’s policies.
- "If a business is able to retain the majority of its customers three years after an acquisition, this is a positive indicator that the acquisition was successful." This means a long wait lies ahead of us, especially with recent acquisitions.
- In today’s edition: Partech has $300 million to share || Showmax continues to beat Netflix || Nigeria to connect all its local governments to the internet || Kenya to ban secondhand EV imports